Application
Definition of "Application"
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, are used by an insurance company to decide whether or not to insure the risk. Falsification or nondisclosure of information may give the insurance company grounds for rescinding a policy that has been issued. Statements in the application are also used to decide on an applicant's underwriting classification and premium rates.
Popular Insurance Terms
Coverage if state or municipal law requires that a damaged or destroyed building must be rebuilt at an increased cost to comply with building code provisions that were not in effect when ...
Coverage for damage to property resulting from riot or civil commotion. Riot is defined by most state laws as a violent disturbance involving three or more (in some states two or more) ...
Indemnifies an insured whose property is stolen, damaged, or destroyed by a covered peril. The term property insurance encompasses numerous lines of available insurance. ...
Life insurance distribution system under which the state underwrites and sells life insurance to any resident of Wisconsin who makes application. ...
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Chart showing for a group of people: the number living at the beginning of a designated year; the number dying during that year. Yearly probabilities are used in calculating premium ...
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cost of annuity based on expectation of life of the annuitant and the expense and profit loadings of the insurance company. ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
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